Escalon Business Services Interview Questions, Process, and Tips

Prepaid, accrual, deferred revenue and expense are accounting concepts used to record financial transactions.

• Prepaid expenses are expenses paid in advance and recorded as assets until they are used up.

• Accrual concept is the recognition of revenue and expenses when they are earned or incurred, regardless of when payment is received or made.

• Deferred revenue is revenue received in advance and recorded as a liability until...read more